
	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	164,859	$	—	$	11,514	$	153,345
Obligations of states and municipalities	892,321		315		83,503		809,133
Residential mortgage backed - agency	58,174		246		3,283		55,137
Residential mortgage backed - non-agency	240,055		482		7,533		233,004
Commercial mortgage backed - agency	55,105		60		716		54,449
Commercial mortgage backed - non-agency	132,095		360		2,347		130,108
Asset-backed	57,268		81		923		56,426
Other	32,076		262		1,329		31,009
Total	$	1,631,953	$	1,806	$	111,148	$	1,522,611


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	165,619	$	—	$	16,492	$	149,127
Obligations of states and municipalities	777,181		846		79,303		698,724
Residential mortgage backed - agency	57,244		121		4,179		53,186
Residential mortgage backed - non-agency	259,964		44		12,132		247,876
Commercial mortgage backed - agency	33,791		27		747		33,071
Commercial mortgage backed - non-agency	158,621		2		4,112		154,511
Asset-backed	64,308		316		568		64,056
Other	32,861		302		1,343		31,820
Total	$	1,549,589	$	1,658	$	118,876	$	1,432,371

At June 30, 2025, and December 31, 2024, AFS securities with amortized costs of $1.1 billion and $1.2 billion, respectively, and with estimated fair values of $1.0 billion and $1.1 billion, respectively, were pledged to serve as collateral for secured borrowings, derivative exposures, or to secure public deposits as required or permitted by law.

The proceeds from sales, calls, and maturities of debt securities available-for-sale, including principal payments received, and the related gross gains and losses realized, for the six months ended June 30, 2025, and June 30, 2024, were as follows (in thousands):

The maturities of AFS securities at June 30, 2025, were as follows (in thousands): (Expected maturities of securities not due at a single maturity date are based on average life at estimated prepayment speed. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay some obligations with or without call or prepayment penalties).


	June 30, 2025
	Amortized Cost
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	5,055	$	159,804	$	—	$	—	$	164,859
Obligations of states and municipalities	2,715		205,979		364,792		318,835		892,321
Residential mortgage backed - agency	17		23,332		24,495		10,330		58,174
Residential mortgage backed - non-agency	8,605		64,445		158,469		8,536		240,055
Commercial mortgage backed - agency	—		26,900		28,205		—		55,105
Commercial mortgage backed - non-agency	64,301		35,499		32,295		—		132,095
Asset-backed	121		33,472		23,675		—		57,268
Other	—		2,775		19,531		9,770		32,076
Total	$	80,814	$	552,206	$	651,462	$	347,471	$	1,631,953


	June 30, 2025
	Fair Value
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	4,961	$	148,384	$	—	$	—	$	153,345
Obligations of states and municipalities	2,718		195,381		332,304		278,730		809,133
Residential mortgage backed - agency	17		23,202		21,356		10,562		55,137
Residential mortgage backed - non-agency	8,548		61,874		153,969		8,613		233,004
Commercial mortgage backed - agency	—		26,347		28,102		—		54,449
Commercial mortgage backed - non-agency	63,630		34,561		31,917		—		130,108
Asset-backed	120		32,979		23,327		—		56,426
Other	—		2,885		18,456		9,668		31,009
Total	$	79,994	$	525,613	$	609,431	$	307,573	$	1,522,611

The following table shows the gross unrealized losses and fair value of the Company’s securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025, and December 31, 2024.


	June 30, 2025
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	153,345	$	11,514	$	11,514
Obligations of states and municipalities	354,688		11,627		433,430		71,876		83,503
Residential mortgage backed - agency	—		—		42,612		3,283		3,283
Residential mortgage backed - non-agency	69,428		648		116,182		6,885		7,533
Commercial mortgage backed - agency	8,973		27		27,716		689		716
Commercial mortgage backed - non-agency	24,215		57		70,438		2,290		2,347
Asset-backed	20,166		134		27,299		789		923
Other	—		—		22,643		1,329		1,329
Total	$	477,470	$	12,493	$	893,665	$	98,655	$	111,148


	December 31, 2024
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	149,127	$	16,492	$	16,492
Obligations of states and municipalities	181,027		5,338		433,488		73,965		79,303
Residential mortgage backed - agency	203		2		42,233		4,177		4,179
Residential mortgage backed - non-agency	110,191		1,911		134,727		10,221		12,132
Commercial mortgage backed - agency	3,412		29		28,885		718		747
Commercial mortgage backed - non-agency	30,064		523		108,761		3,589		4,112
Asset-backed	4,140		4		29,243		564		568
Other	15,123		138		8,295		1,205		1,343
Total	$	344,160	$	7,945	$	934,759	$	110,931	$	118,876

The Company is required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance requires the Company to reduce the security’s amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security’s decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor.

This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost, and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an allowance for credit losses (“ACL”) is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis under the current expected credit loss (“CECL”) standard, and declines due to non-credit factors are recorded in accumulated

other comprehensive income (“AOCI”), net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in accumulated other comprehensive income, net of taxes, in the Consolidated Balance Sheets.

The Company did not record an ACL on the AFS securities as of June 30, 2025, or December 31, 2024. The Company considers the unrealized losses on the AFS securities to be related to fluctuations in market conditions, primarily interest rates, and not reflective of deterioration in credit. The Company had 528 securities in an unrealized loss position as of June 30, 2025. The Company has evaluated AFS securities in an unrealized loss position for credit-related impairment at June 30, 2025, and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. As such, there was no ACL on AFS securities at June 30, 2025.

At June 30, 2025, the unrealized losses associated with 11 U.S. Treasuries and Government Agency securities, 12 Residential Mortgage Backed – Agency securities, and 14 Commercial Mortgage Backed – Agency securities were generally driven by changes in interest rates and not due to credit losses given the explicit or implicit guarantees provided by the U.S. government. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at June 30, 2025.

At June 30, 2025, the unrealized losses associated with 386 State and Municipal securities were primarily caused by changes in interest rates and not the credit quality of the securities. These securities are investment grade and were generally underwritten in accordance with our own investment standards prior to the decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. These securities will continue to be monitored as part of our ongoing impairment analysis but are expected to perform, even if the rating agencies reduce the credit rating of the bond insurers. As a result, we expect to recover the entire amortized cost basis of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at June 30, 2025.

At June 30, 2025, the unrealized losses associated with 61 Residential Mortgage Backed – Non-Agency securities and 16 Commercial Mortgage Backed – Non-Agency securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at June 30, 2025.

At June 30, 2025, the unrealized losses associated with 20 Asset-Backed securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at June 30, 2025.

decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. Based on our assessment of the expected credit losses, we expect to recover the entire amortized cost basis of the securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at June 30, 2025.

The Company’s investment in Federal Home Loan Bank (“FHLB”) stock totaled $26.8 million and $18.2 million at June 30, 2025, and December 31, 2024, respectively. The Company’s investment in Federal Reserve Bank stock totaled $14.8 million and $14.8 million at June 30, 2025, and December 31, 2024, respectively. FHLB and Federal Reserve stock are generally viewed as long-term investments and as restricted investment securities, which are carried at cost, because there is no market for the stocks other than member institutions. Therefore, when evaluating FHLB and Federal Reserve stock for impairment, their values are based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider these investments to be impaired at June 30, 2025, and no impairment has been recognized. FHLB stock and Federal Reserve stock are included in a separate line item, restricted stock, at cost on the Consolidated Balance Sheets and are not part of the Company’s AFS securities portfolio.

The Company’s restricted stock line item on the Consolidated Balance Sheets also includes an investment in Community Bankers’ Bank, totaling $111 thousand at June 30, 2025, and $111 thousand at December 31, 2024, which is carried at cost and is not impaired at June 30, 2025. The Company also has other restricted investments including Independent Community Bancorp, Inc. and WV Bankers Title which are included in restricted stock on the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.